08/25/1997 Council Minutes - Laserfiche WebLink

Home Search

COUNCIL MINUTES AUGUST 25, 1997 Mr. Wessel indicated that Staff is very pleased with the way in which this project has progressed thus far. Staff recommended approval of FIRST READING, Ordinance No. 23 - 97. Council Member Kuether moved to approve FIRST READING of Ordinance No. 23 - 97, as presented. Council Member Neal seconded the motion. Motion carried unanimously. Consideration of FIRST READING, Ordinance No. 24 - 97 Offering the Sale of Property in "The Village" to Lino Lakes Banc Shares, Inc., and Consideration of approval of the purchase agreement between the City of Lino Lakes and Lino Lakes Banc Shares, Inc. - Mr. Wessel presented the following background with respect to these items: Over the past months numerous banks have shown an interest in developing a bank in The Village. A list of criteria was developed approximately 9 months ago to determine the best fit for Lino Lakes at this time. These included: 1. A full-service community bank 2. Local ownership 3. Community participation 4. Financial backing 5. Additional services 6. Professional design/build team 7. Compatibility with Village guidelines 8. Schedule John Milbauer has demonstrated success as a bank president and an officer of a bank holding company. He recently served as president of County Bank in Forest Lake, and before that as vice president of BankMidwest Corporation in St. Paul. Mr. Milbauer has applied for a charter with the State of Minnesota to establish a new community bank in The Village. After Staff review of prospective bank proposals, it was determined that Mr. Milbauer best fit the qualifying criteria. Mr. Milbauer has agreed to purchase one acre of land adjacent to Fairview Clinic in The Village. The terms of the agreement call for Lino Lakes Banc Shares, Inc. to purchase Lot 2, Block 1 in The Village for $5 per square foot, or a total of $217,800, plus special assessments of $32,103.63, for the construction of a commercial bank building. This agreement is contingent upon approval of a bank charter from the State of Minnesota. Mr. Wessel further explained that this first reading of Ordinance No. 24 - 97 offering the sale of property in "The Village" to Lino Lakes Banc Shares, Inc. is required for the sale of property. Council Member Bergeson asked Mr. Milbauer to describe in a general manner the nature of the investors for his proposed project. Mr. Milbauer explained that the investors will be a diversified group of community residents and business owners. 20